(Provides background on lithium costs, share motion, CEO quote)
Aug 7 (Reuters) – Albemarle Corp, the world’s largest lithium producer, posted a better-than-expected quarterly revenue on Wednesday, aided by larger gross sales and costs of bromine and lithium, and raised its 2019 adjusted revenue forecast, sending shares up 6% at $71.62 in prolonged buying and selling.
The corporate sells most of its lithium on long-term contracts and therefore was not affected by world commerce tensions and China’s cuts to electrical car subsidies in June.
Gross sales from the corporate’s largest section lithium, which is used to make electrical automobile batteries rose 2.three% to $324.eight million within the second quarter, and gross sales of bromine, a chemical used to make fireplace extinguishers, surged 15.eight% to $255.four million through the quarter.
Excluding objects, the corporate posted a revenue of $1.55 per share, beating analysts’ estimates of $1.44 per share, in accordance with IBES knowledge from Refinitiv.
Internet revenue attributable to the corporate fell to $154.2 million, or $1.45 cents per share within the quarter ended June 30, from $302.5 million, or $2.73 per share a 12 months earlier.
The corporate raised its full-year adjusted revenue forecast to between $6.25 and $6.65 per share, from $6.10 to $6.50 anticipated earlier and maintained its gross sales forecast.
The Charlotte, North Carolina-based firm stated complete income rose practically four% to $885.1 million. (Reporting by Nishara Karuvalli Pathikkal; Enhancing by Sriraj Kalluvila and Shinjini Ganguli)